So in april, we were introduced to a new program called the FHSA or the "First Home Savings Account."

Now, we have seen some other programs in the past that incentivized first time buyers and assisted them with their downpayments. However, they were accompanied with things such as:

-catch 22s
-registration of second mortgages
-loans that needed to be paid back in certain time  frames
etc. 

It seemed that these programs weren't really benefitting first time buyers, just giving them another option, but ultimately benefitting the banks.  

Now, these programs didn't last (obviously) because not a lot of us realtors or mortgage specialist were interested in putting our clients in this type of situation when they didn't need to be.  

So needless to say that I wasn't too excited about the FHSA when it was announced. Also wasn't really too keen on learning about this new program. However after talking to a bunch of mortgage brokers that we work with, they all seem to agree that this is a good program with many upsides and little downsides.  

To give a brief summary...
The FHSA gets their features from the RRSP method of saving for a down payment.  

Just like an RRSP, contributions you make to the FHSA are tax deductible. 

When you take money out of the RRSP, there are either one of two things that you have to do: pay the RRSP back or that money you took out as income.  

With the FHSA, that money does not have to be paid back. 

Not bad huh?

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